Coderre’s party agrees to cover 10% of housing costs for first-time buyers

The program would also benefit cooperative housing.

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Denis Coderre said Sunday that if elected mayor, his Ensemble Montréal party will ensure easier access to properties and stop the exodus of city residents by reforming the city’s home buyer assistance program and favoring the model. cooperative housing.

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“The barrier to homeownership for Montréal residents lies in the price of real estate, but also in the inability of many to pay the amount required for the down payment,” Coderre said in a party statement. “Our new program will help them concretely at this level. Unlike the current administration, we understand citizens who want to own property. We will not only help residents access the property, but also preserve it. “

Ensemble Montreal would reform the residential buyer assistance program, which currently reimburses the welcome tax to qualified buyers. Qualified first-time buyers would receive a sum equal to 10 percent of the value of their purchase, which they have to pay back if they sell, without interest. Maximum amounts vary based on family size. The program would be available for all types of properties. To prevent investors from benefiting from the program, the city and buyers would agree that a portion of the property’s increased value would go to the city if it were sold within the first five years.

To promote access to property under the cooperative housing model, a program will be offered that allows the return of property taxes to new cooperatives during the first two years of operation.